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Pros and Cons of Corporate Optometry on the Industry

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Corporate optometry has expanded greatly over the years.  It is currently estimated to make up about 30% of the industry and will continue to grow as young optometrists make the decision to go into this sector.  With this expansion come both benefits and costs to the industry, which we will discuss below.

Pros:

1. Employment opportunities for ODs

Corporate optometry creates opportunities and jobs for optometrists looking for employment.  In addition, it is a great option for optometrists who don’t have a lot of experience as business owners and are looking for a turnkey model. ODs don’t have to wait for another OD to retire to become a business owner. Many Corporate ODs have had the ability to have multiple subleases which has been beneficial for those ODs. The ability to open practices in locations where there are not many other optometry practice can help ODs have more opportunities and provide more access to patients seeking other alternatives.

2. Increased pay rate and benefits

Corporate optometry can provide higher starting salaries and pay rates than average along with better benefits for some ODs.  The days and hours an optometrist works likely will affect the rate in which the optometrist is paid; for example, optometrists are sometimes paid higher by corporate opticals on Sundays.  In addition, corporate optometry offers generous bonus structures.

3. Loan repayments

Some corporate opticals will offer loan repayments to young ODs who are burdened by student debt.  This is great incentive for young ODs to start a career in corporate optometry. Most often, corporate opticals will offer loan repayments when trying to recruit ODs to more remote locations where it is difficult to find doctors in order to spark greater interest in new ODs.

4. Innovation and Competition

Corporate optometry has revolutionized the customer and shopping experience in the industry; for example, the one-hour eye glass service has completely changed the customer’s eye care experience.  The innovation of corporate opticals to better cater to their customers leads to competition and helps to keep practices top-notch. New ideas created within corporate optometry therefore bring the industry forward.

5. Global impact

Corporate optometry has allowed the industry to have a greater impact globally.  Many corporate opticals work with charities to use their business for the greater good; for example, Warby Parker’s “buy a pair, give a pair” program is a system in which, for every pair of glasses purchased, a pair is given to someone in need, and many corporate opticals supply underprivileged companies with glasses and eye exams.  In addition, Luxottica provides onesight global clinics to provide eye care for people in underdeveloped countries.

Cons

1. Exclusions from insurance panels

Being with a specific corporate optical can exclude doctors from certain insurance panels; for example, Walmart doctors are unable to take EyeMed.  Because of this, a doctor may have to turn away some patients. In addition, closed panels can funnel patients into a certain corporate optical, which can be a disadvantage for other practices in terms of creating a patient base and providing continuation of care to your patients as their benefits change year to year.

2. Vertical integration

Corporate opticals may have ownership over a variety of stages of production and may sell their own products, frames, lenses, etc., which can result in a reduced price for their customers.  This creates a disadvantage to private practices or other corporate opticals that can’t compete at a severe discount. In addition, the possibility of pushing a company’s own products rather than alternative products might not always have the best outcome for the consumer in the long run.

3. Exam Fees that haven’t changed with Inflation.

Providing affordable care to patients is essential. Many corporate opticals have offered affordable eye care services and products for many patients, yet with inflation and changes in scope of optometry exam fees have remained stagnate. Free eye exams have impacted the industry as well.

4. Consolidation

As more companies merge together, only a few large players in the industry are created, making it difficult for smaller practices to have a voice.  In addition, consolidation of companies limits the customer’s options when it comes to eye care. Consolidation needs to happen though if companies want to compete with online retailers and how customers want low prices with fast service.

5. Movements

Corporate opticals are more easily able to create big movements or waves of change in the industry compared to smaller practices. Global changes can be made. Many corporate opticals operate globally and many times movements that may work in another country might not be best in the USA.  While these movements are created in the corporation’s best interest, they may not necessarily be in the patients’ or the industry’s best interest as a whole. Among these movements have been an increase in managed care plans, telemedicine and an expansion in private equity.

In conclusion, there are both pros and cons of corporate optometry on the industry that should be considered.  Whether working under a corporate optical or not, doctors have the ability to be a voice for other ODs and for their patients to make positive changes in the industry and create a better future. 

How Corporate Optometry allows ODs to focus on Patient Care

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Corporate optometry is a great option for ODs who want to practice optometry but do not want to feel overwhelmed by the business aspects of the job.  It is ideal both for optometrists who do not feel they have enough business experience to start their own practices and for those who simply want to focus more on the patient-centric aspect of their career.  Here are some ways that corporate optometry may allow you as an OD to focus on your patient care first and foremost.

1. Your job is to focus on the patient.

As a corporate optometrist, your main focus is to see patients without the distractions of the optical and managing staff. Focusing on the patient is what we went to school for. We don’t have to worry about competition, we can focus on our patients and use the extra time to stay up to date on the latest clinical trends. Corporate optometry allows you to see different types of patients because the volume is usually greater, thus enhancing your clinical skills seeing a wide variety of patients. his is a great way for you as an optometrist to see a wide variety of conditions such as diabetes, glaucoma, and gain experience recognizing and managing these conditions. 

2. Technology

Corporate optometry will provide you will have easier access to resources and discounts from corporate partners.  You will also be able to purchase technology a lot sooner if you are a sublease or the latest technology will be offered to you as an employee. Many young ODs are learning the latest in the eye care. Why not be able to utilize that knowledge by working in a corporate setting? Many offices have digital refracting lanes, optos, octs. Different corporate opticals have different approaches. Don’t lump all corporate opticals as the same!

Corporate optometry may be right for you if you are not interested in the daily practice management struggles that many ODs face with the optical side of the business and managing staff turnover. Retail optometry will continue to grow over the next 10 years. Find which corporate optical is right for you and your career goals.

Habits of an Influential Optometrist.

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What they say almost always holds weight and all of their opinions are valued by the people around them.

But guess what? You too can expand your circle of influence if you make some important changes in the way you view the world and yourself.

1. Think for Yourself

It’s not a good sign if you’re easily swayed by public opinion or the latest trends. Believing everything you hear and forming opinions based on other people’s judgments will get you nowhere.

You need to start thinking for yourself. Do your research and study facts before coming to a conclusion. Be willing to change your mind if there’s evidence supporting it. Start tuning out what other people think and only gain influence from what you know.

2. Disruptive the Norm

So many problems result from our lack of empathy and unwillingness to change our ways. You need to be curious about the world and long-running traditions. You shouldn’t be afraid to question the status quo and challenge conventional ways of thinking.

Becoming graciously disruptive means you’re doing it for the right reasons.

3. Innovate

Explore new ideas and try to think outside the box whenever you can. Spark conversations about causes that deserve more attention. When you truly care about the world, this should come naturally to you.

Inspire people around you to think differently and be more open-minded.

4. Network

Make connections everywhere you go. Don’t hesitate to learn about other people’s background and culture. Look out for people in your social circle and add value to their lives. Be forthcoming with advice where necessary to make lasting connections.

5. Welcome Disagreement

When people disagree with your ideas, you need to humble yourself and really listen to what they’re saying. You shouldn’t respond defensively because you don’t know everything and you could’ve easily missed something. It should be more important for you to challenge your own ideas than to always be right.

The other person may have a point and if they do, you should be more than willing to change your opinion.

6. Think outside the box

Deliberately seek newer ideas and technologies instead of waiting for them to come to you. Stay updated with the latest innovations and become an early adopter. Spread the word about what’s coming in the future and always stay in the know.

7. Respond

When someone in your team or circle of influence makes a mistake, you need to take a step back and assess the situation instead of reacting immediately. Value your relationships and respond appropriately to any mishap. The last thing you want to do is cause a scene. If you overreact, people will start keeping their distance from you and trusting you less.

Learning how to be a person of influence may take a while, but with small steps every day, you can change the world and earn a place in everyone’s hearts.

Corporate OD Myths: Take 2

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Starting a sublease in corporate optometry may seem like a daunting venture.  Based on what you’ve heard from friends, colleagues, and the internet, you may have heard a variety of conflicting opinions, leading you to doubt whether you are ready to start a career in corporate optometry and whether it is the right fit for you.  Here, we address some corporate optometry myths to eliminate some of the doubts you may have.

1. Patients will not follow you if you leave your current practice.

You may be afraid to leave the company you are currently working for due to fear that you will lose all of the patient relationships you have built.  That being said, the majority of patients are loyal to the doctor, not the brand. Having built a foundation of trust through continued visits and recommendations, you may be surprised how many patients are willing to move with you.

2. ODs rely on optical to keep their own business alive.

Another common myth is the idea that corporate optical supplies ODs with their patients in order to keep the business running.  Now, it may be true at first that corporate will supply some of the initial client-base, but it is the OD who keeps the patients coming.  The quality of care, comfort you provide, and relationships you build with your patients are what truly affect whether they continue to provide you business.   In other words, the doctor makes or breaks the business, and you don’t necessarily need corporate optical to survive.

3. It is too difficult to start your own practice.

While it is certainly a challenge to start your own practice, there are a variety of initiatives you can take and personal skills you can use in order to kickstart your business.  Once again, the possibility of success is truly in your hands. You need to be an entrepreneur in corporate optometry and use your resources to grow. Starting your own practice will not be easy, but it is certainly not impossible, especially with a good work ethic and business mindset.

4. The lowest-priced eye exams and vision plans will bring in more patients.

It may seem that, in order to gain patients, you need offer the lowest-priced eye exams and vision plans amongst your local competitors.  This method, however, is neither the only strategy nor the best strategy to bring in patients. Word of mouth and the power of recommendations from your current patient-base is crucial, and whether you are receiving this praise will depend on the quality of your care.  In addition, the convenience in scheduling, such as being able to make appointments online, will attract new patients searching for an optometrist.

5. Adding more hours and days creates more patients and income.

While you may assume that increasing the amount of hours in the office will, in turn, increase the amount of patients coming in, this is a huge myth.  Working 7 days a week won’t necessarily bring in more patients. Rather, you should consider what an optimal schedule for both you as the optometrist and your patients may be, as well as how many hours you need to be in the office to accommodate your client-base and to profit.  

6. The income potential in corporate optometry is tremendous.

Income potential is corporate optometry is highly variable depending on a variety of factors, each of which you can look into when considering starting a sublease in corporate optometry.  For example, the location in which you will be working highly influences your income potential. In addition, whether you are working with a new vs. established brand will affect the amount of revenue you are able to bring in.  

7. Contracts are absolutely set in stone.

Simply stated, everything is negotiable.  If there is a part of a contract that you are uncomfortable with or that you feel should be changed, express this and work to make a agreement that benefits both sides.  Don’t settle for less than what you believe you deserve!

Powerful Advice for Young ODs

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Starting fresh in any field can be a little startling for anyone. Not knowing one’s way around the job and its responsibilities may lead to confusion and discomfort.

Every young person starts their new job with a lot of knowledge and a plethora of hope. They wish to stay on the job and watch their careers excel.

Recent optometry graduates have every word of wisdom spoken by their professors chiseled into their minds. They have their skills polished, gears running, and are ready to receive one patient after the other, hoping to change their life.

But as time goes on they discover, to their dismay, that they do not have as much a grasp on the job as they thought they did. They realize that the work life goes beyond what was written in the course books and what their professors jotted down on the whiteboard. This is when the panic sets in and the new optometrist would find themselves feeling lost.

There are some things that you learn with time, but that does not mean you have to necessarily wait for time to teach them to you. On its behalf, this post will tell you what you should do to further your cause and prevail in your field.

The first and foremost thing you need to do is take initiative. This is one of the most important and the least frequently used advice. Success in this world always begins from taking initiatives, whether you have to take initiative in learning something or creating something. You should not have to wait for someone to guide you or tell you to do something different and new. When you have an idea, you put it into the process of making it a reality. If you believe that your business is becoming saturated or the position that you are in has taught you everything you have to learn, then you need to create your own opportunities. This is the only way you will grow.

Also, make sure to invest and embrace new technology. Fields like optometry are all about using the right technology to give maximum high-quality service to the patients. If you become adamant about using the same old technology then you will lose a lot of clients to the ODs who are more open to trying something new.

One essential thing that will help to keep your patients coming back to you, is confidence. When a patient comes to you they are already full of worry, but when you show confidence in your skills, you assure them that you have the power to fix their problems. However, if you are not able to give them the answer to their question, don’t be afraid to say “I don’t know” and follow it up with “we will figure this out”. You are always in the learning process, so it is normal to not know a few things. But sincerity with your patients should always have top priority!

4 Skills That Make Moms Great ODs to Work With

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I’m sure many of us can agree that being a mom is hard and rewarding work. Being a mom is basically like having a full-time second job, so have we considered what skills being a mom gives us? How can we apply those skills to our careers as ODs? Read these 4 skills moms have that make them great ODs to work with:

Time Management. When it comes to time management moms really do take the cake. Moms are always thinking ahead to what needs to get done next. Planning is essential to getting through the day and making sure everything gets done on time. When you have a child, there isn’t much time in the day to sit back and relax, so there needs to be some type of routine in place. Moms are always multitasking. Ever try making a phone call, jotting down notes and holding a talking child all at the same time? Its hard work but it teaches moms how to focus on multiple tasks at once while understanding which takes priority. These skills are an incredible asset when working as they prepare you to manage your time, plan ahead and handle multiple important tasks to meet ever important deadlines.

Decision Making. As a mom you learn to be able to adapt to any situation. Sometimes plans don’t pan out the way we want them to, but it’s a mom’s ability to fall to Plan A or B that can really make the difference in those situations. Moms learn to have confidence in their intuition and make split second decision. How do you get a child to eat a certain kind of food they don’t like? It’s questions like these that really makes a mom think creatively on how to solve different problems. This skill can be incredibly beneficial within the workplace.

Communication. When you’re a mom you need to learn how to navigate your way around a conversation and negotiate. Having a child means learning to think the way that they do to understand the message they are trying to convey. In the same token you need to be able to use this language to persuade them. This is no different than in the workplace in which you meet many different types of people that come from different cultures and communicate differently. Having the skill to learn how to communicate effectively with anyone that you meet is important! Being a mom makes you into a natural leader. You oversee teaching your children what they need to know and guiding them through life with your examples and actions. It’s no different then what you do when you’re at work.

Discipline and Patience. Taking care of children can truly take the energy out of a mom, and yet they still manage to get up and do what needs to get done. It’s this type of discipline and ability to take charge of your life and have a positive outlook on the day that is important to getting your work done. As a mom you learn patience. Potty training may take more time than you thought but it’s the end goal that makes things so rewarding. It’s the same for work. Despite knowing there’s a long road ahead you have the mentality and positivity that things will pay off if you work to your best ability and continue to stay determined. Being a mom teaches you where your strengths and weaknesses lay. Knowing these and working on them makes you even stronger within the workplace. You know exactly what you can and cannot take on and where your skills and experience can best be used.